Contents
Board of Directors......................................................................................................................................................7 Chairman’s Message....................................................................................................................................................8 Chief Executive’s Message............................................................................................................................................10 Board of Directors’ Report...........................................................................................................................................13 Contact Details of Offices and Branches.........................................................................................................................103
Chapter I: Information about the Company and its Subsidiaries
Chapter III: Financial Statements and Operational Results
About the Company....................................................... 15 About the Subsidiaries................................................... 18 The Strategic Direction of the Company . ......................... 18 Merger of Vela Fleet and Operations with Bahri................. 19 Major Achievements in 2012........................................... 20 New Initiatives and Plans............................................... 21
Financial Results and Performance of the Company and its Subsidiaries.................................................................. 47 Financial Results for the Past Five Years........................... 48 Statement of Assets and Liabilities.................................. 49 Shareholders’ Equity...................................................... 50 Revenues of Company’s Key Business Sectors.................... 52 Distribution of the Company’s Assets and Liabilities........... 53 Subsidiaries’ Capital in 2011 and 2012............................. 54 Summary of the Subsidiaries Financial Results................... 54 Financing for the Company and its Subsidiaries................. 55 Regulatory Payments..................................................... 56 Dividends Distribution Policy.......................................... 57 Chapter IV: Disclosure and Transparency Shareholders’ Rights and Communication.......................... 61 Disclosure.................................................................... 62 Corporate Governance.................................................... 63 The Board of Directors................................................... 64 Board Committees......................................................... 67 Executive Management.................................................. 68 Conclusion................................................................... 69
Chapter II: Strategic Business Units and Support Departments
Strategic Business Units. ............................................... 25 Oil & Gas Transport Sector.............................................. 26 Liquefied Petroleum Gas (LPG)........................................ 29 Chemicals Transport Sector............................................ 30 General Cargo Transport Sector. ..................................... 34 Dry Bulk Transport Sector............................................... 38 Technical Ship Management. .......................................... 39 Planning and Business Development Department............... 39 Communication Department............................................ 39 Information Technology Department................................ 40 Internal Audit and Control Department............................ 40 Human Resource Management & Corporate Administration.. 41 Quality Assurance.......................................................... 41 Quality Policy............................................................... 42 Environment and Safety................................................. 42 Social Responsibility...................................................... 42 Finance Division........................................................... 42 Financing and Investment.............................................. 43 Risk Management.......................................................... 43 Insurance of Company’s Assets and Operational Risks......... 43
Chapter V: Financial Report
Independent Auditor’s Report......................................... 73 Consolidated Balance Sheet............................................ 74 Consolidated Statement of Income.................................. 76 Consolidated Statement of Cash Flows. ............................ 77 Consolidated Statement of Changes in Shareholders’ Equity.79 Notes to the Consolidated Financial Statements................ 80
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